What will REO Agents do once the banks stop giving them bank owned homes?  i know...I know...I know!  They will starve if they don't have a real estate marketing plan of some kind to keep their business going should the banks stop providing listings.  Who is in control of your real estate career, You???? or The Bank????  

I have a friend who is an REO Agent for Countrywide.  At one point, he had as many as 30 active listings at a time!  I hope he saved his money...because the last time I talked to him, they had stopped giving him listings due to moratoriums on foreclosures.

With his business being 100% REO listings, he stopped marketing, doesn't have "past client relationships" other than a bank and is suffering greatly because he didn't figure his gravy train would come to such an abrupt stop at the time.  Hmmm...kind of poor planning, don't you think?  While there is certianly no shortage of foreclosed properties that need to be sold, it will eventually come to an end and there is no telling what will happen with this real estate market.

I met another agent on broker tour last week who was holding his REO property open on broker tour.  When he told me he had no need for services like ours because he wan an "REO Agent", I asked him what his plan was for his short sale business when the REO business changes.  He had absolutely no plan as I would assume is the case for many REO Agents.  I may not be a "Realtor", but as a retired "Realtor" who still has many friends in real estate and keeps up on the market, those agents are heading for trouble!

What is your plan to make sure you have your real estate career in YOUR CONTROL should the bank just suddenly stop giving you listings?

PrinterBes provides real estate marketing materials like: Just listed Postcards, Just sold postcards, Short sale postcards, real estate business cards, real estate door hangers and pretty much everything else you can think of for marketing your real estate business. Visit us online at www.PrinterBees.com.

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7 Comments on What about when your REO Business dries up?

SEP
23
2010
960,378 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

In our area the arrogance of a lot of REO agents will NOT be missed. I hope I see them serving at Mcdonalds in a few years time!
8:24pm • #1
168,541 Points 6 Featured Posts Attended Rain Camp

Nadine, great question. In my 32 years, I have noticed that the survivors are the agents that adapt to their market.

Sometimes you need to be an REO expert, other times be a buyer's agent etc.

A well educated agent works the market to their advantage. For those agents that only focus on one thing, and one thing only, they're doomed to a short career.
8:48pm • #2
315,207 Points 2 Featured Posts Attended Rain Camp Called Shot Master

You have to keep your referral sources diversified.  Those who didn't, have already found out the hard way.
9:13pm • #3
124,609 Points 1 Featured Post Attended Rain Camp Called Shot Master

Nadine:

Great post. You are right, never put all of your eggs in one basket and forget your past clients and sphere.

Lisa aka @allstarmom3
9:56pm • #4
SEP
24
2010

Hi Ellie...That isn't the first time I have heard similar thoughts and feelings. I will take the fifth. :-)
7:42pm • #5

Hi Larry!  I couldn't agree more.  I have reinvented myself more times that I care to tell you.  You have to roll with the punches and be ready for changing markets. 
7:43pm • #6

Hi Rodney and Lisa!!!

Again...couldn't agree more.  That is the EXACT reason we tell people that they have to keep on marketing and mailing to their past clients.  Those referrals will keep coming in when you keep in contact with those who already know and like you.  Thanks for the reply!
7:45pm • #7


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Nadine Larder

Dublin, CA

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The PrinterBees blog on Active Rain is all about helping Realtors® find the best marketing for the market of the moment. We are honored to serve thousands of real estate agents in their quest for great real estate marketing and hope our contributions on Active Rain inspire those we work with and those who don't work with us yet to soar in their marketing efforts.


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